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CappyJack

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  1. Well the problem wasn't that I had less income due to the embezzlement, but rather the business partner was in charge of paying the mortgage for the business and secretly stole the mortgage payments for himself and let the property almost go into foreclosure. It sounds like the consensus is that these LOEs are pretty routine. It just seems silly to me, as so many things in the process do! Thanks for all the replies everyone.
  2. Does anybody have knowledge of what is required in a LOE for a mortgage underwriter? The underwriters wanted an "LOE for derogatory credit history" (I'm guessing this means "letter of explanation.") I have a 90 day late mortgage from several years ago when my business partner was embezzling from me, so I have to figure out how to explain that. More confusing to me, I have a few late credit card payments from years ago, and there isn't really any explanation for them, my wife just forgot to pay them. How do I explain that? "We forgot to pay" seems like the absence of an explanation to me.
  3. I am in the process of applying for a mortgage and have been for over a month. When I started the process my mortgage FICOs were about 705, 710, and 715, I think. I just got a new update and the mortgage scores are showing up as 693, 698, and 704. So I had a few questions for the knowledgeable people here on the boards. 1. Am I correct in understanding that mortgage rates increase when your score drops below 700? My understanding was that it was like brackets with 680-699 being one bracket and 700-719 being another, or something like that. Does anybody have any guess how much of an increase this causes in your interest rate? 2. There are only a couple of things that have changed in several months. One change is my credit utilization is now showing up as 0% when it was, I think, 1%. I was trying to keep a balance of a few dollars constantly showing up as I understand that is better than 0% utilization, but that plan fell through somehow. Could this be the reason for the drop? Does anybody know how much of a difference there is in score between 1% and 0%? Or does it only even really matter for people who have really great credit anyway? 3. The only other thing that changed besides credit utilization is several inquiries due to the mortgage search. I was under the impression that all inquiries within a month would count as one, but mine are spread out over a month so I'm guessing they will count as at least two. One question I had was what happens if you have several inquiries all at once but you don't get a loan; does that still count as only one inquiry? Is this the reason for the change? I was anticipating losing a few points from the mortgage search, but it seems that my scores have dropped over ten points. Anyway, if anybody has any insight I'd appreciate it as I think I might be losing a bit of money from the drop in my score, and the knowledge about what caused it will probably help in the future anyway.
  4. I was wondering how much my credit score would improve if I paid down the balance on my student loan. I currently owe about $7K on the loan, which was about $11K originally. It is my only installment loan. My credit utilization ratio is 1%. As I understand, it would hurt to pay off the loan altogether due to mix of credit, but if I paid down the student loan, would that give a boost to my score? If so, how much? Thanks.
  5. I didn't use the same wording that you used. For one thing, she owns the company so I can't really get anywhere talking about her manager or anything. I basically just asked her to reverse it since it was not authorized and she said, "No." Well, actually she said she "can not" reverse it, although I assume she's lying and she just doesn't want to. I could probably be more threatening about it, though, I suppose. I'm going to try contacting the company that she ordered the credit check through again and see if they can reverse it.
  6. Well if I have to read a whole act then I'd better get some money when this is all over! Congressmen don't even read those things half the time. In all seriousness though, it really isn't obvious to me how to proceed with this situation. Has anybody ever gotten this $1000 everybody keeps talking about? Because it sounds like I'd have to sue her for it, and that would just be a pain. It's also not even obvious to me that I would win. She would argue that even though she hadn't spoken with me in two years she had every reason to believe I was planning on getting a loan through her based on what my brother-in-law had said. Arguably, he is the one who caused the problem, and he is the one who should be sued. The rules/laws surrounding this type of thing don't seem to me to be designed in such a way as to really discourage this sort of thing. They could just say, "A hard pull must be authorized in writing by the consumer." Instead, it seems to be more like, "If you feel like it's okay to pull their credit then it is." I just wish she'd remove it. Does anybody know what that process is like for them? I'm guessing there's a small fee they have to pay. I just don't understand why she wouldn't reverse it; it seems really effed-up to me. Especially with what she said about it being good for 90 days so I don't have to pull my credit again. So basically, if I use her as a lender (which I won't) then I don't need another inquiry. It's like she thinks she has me locked-in as a customer because she did this.
  7. She says unfortunately she cannot remove the hard pull, but the good news is that it is good for 90 days so I don’t have to do another one when I’m ready to start. Does it cost them money to reverse a hard pull?
  8. Is the lender able to remove the hard pull? If so I will see if they can.
  9. I just received a reply from the lender from two years ago, and she said that it was her who pulled my credit. My brother-in-law had apparently said, for some reason, that I was basically ready to apply for the loan. So it was based on a “rumor.” I guess I might be more irritated than I should be since inquiries are probably not that big of a deal, but this is someone I haven’t spoken to in 2 years. It just seems nuts to me that you would do a hard pull, based on a rumor, without even informing the person whose credit you were damaging.
  10. Yeah, I’ve heard that multiple inquiries at the same time count as only one. I was thinking maybe I’d do all my shopping around now since I’ve already gotten one. I was planning on applying mid October, so I’ll have to get at least one more then. I get that an application will cause a hard pull, but is it possible for a lender to tell you what rate you’d pay just based on a soft pull? I guess maybe not. Thanks for the help.
  11. No. She doesn’t even have their contact info, actually. I guess I was one of those people who thought that you needed to give more explicit authorization for a hard pull. I’m guessing I probably had spoken with them enough two years ago to allow them to pull my credit, although I think they only did a soft pull then. For some reason it doesn’t make sense to me that they would do a hard pull when it’s just a preliminary check. I guess in the future I’ll have to specifically say, “Don’t do a hard pull,” when I’m shopping around for a mortgage.
  12. No. I asked my wife and she swears she hadn’t done anything that would trigger an inquiry. If it was this lender, I think she’s going off of the conversations we’d had two years ago, when I had been talking to her about applying, but I don’t think even then I had given authorization for a hard pull or submitted an application for a loan. EDIT: Also, to clarify, she had specified that she heard the rumor from my brother-in-law, so that much is known. I just don’t know if she’s the one who made the inquiry.
  13. She knows my brother-in-law and that’s how I know her.
  14. I had googled “current mortgage rates” a couple of times, but never came close to applying for anything. I replied to her email and asked if she pulled my credit so we’ll see what she says. If it wasn’t her, I suppose it might be fraud. Assuming it is her, is it weird that she didn’t give me a copy or even tell me she was pulling it? I kind of thought it was common courtesy to give someone a copy of any report you got on them.

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